Thursday, May 2nd 01:38 PM IST

Turkey sells more Gold to Iran in March

# Turkey gold  # gold exports Iran  # trade deficit  

However, overall Turkish gold exports declined by 15 percent to $467.6 million, TUIK added.

ANKARA(BullionStreet): Amid all sanctions and blockades, Turkey exported more gold to Iran in March.

According to Turkish Statistics Institute, the country exported almost $381 million worth of gold to the Islamic Republic in March. After rising throughout the last year, Turkey’s gold exports to Iran peaked at $1.8 billion in July.

Turkey sold no gold to Iran in January as banks and dealers eyed the Feb. 6 implementation of U.S. sanctions that tightened control over precious metal sales, but the trade resumed as Turkey has exported $117.9 million gold to Iran in February.

However, overall Turkish gold exports declined by 15 percent to $467.6 million, TUIK added.

Iran and the UAE accounted for 92 percent of Turkey’s total gold exports. While it imported $380.8 million in March, $58.9 million gold went to UAE.

The United States has given Turkey a six-month waiver exempting it from sanctions on trade with Iran, which is due to expire in July.

Turkey, Iran’s biggest natural gas customer, has been paying Iran for its imports in Turkish Liras, because U.S. sanctions over Tehran’s nuclear program prevent it from paying in dollars or euros.

Iranians then use those liras, held in Halkbank accounts, to buy gold in Turkey, and couriers carry bullion worth millions of dollars in hand luggage to Dubai, where it can be sold for foreign currency or shipped to Iran.

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